Financial Position - As of March 31, 2025, the company had cash of $17,565 and a working capital deficit of $1,146,045[201]. - As of March 31, 2025, 455,736 Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity[211]. - The fair value of the converted loan from CB Co-Investment was $14,375 as of March 31, 2025, included in contingently issuable private placement warrants[202]. Operating Performance - For the three months ended March 31, 2025, the company reported a net loss of approximately $363,640, consisting of general and administrative expenses of approximately $192,000 and investment income of approximately $55,000[206]. - For the three months ended March 31, 2024, the company had a net loss of approximately $1.2 million, primarily due to a loss from the change in fair value of derivative liabilities of approximately $1.0 million[207]. - The company has not generated any operating revenues since inception and will not do so until the closing of its initial Business Combination[205]. Business Operations - The company has until November 15, 2025, to consummate an initial Business Combination, after which it must cease operations and redeem Public Shares if not completed[203]. - The company recognized 22,050,000 warrants as derivative liabilities, which will be re-measured at fair value at each reporting period[210]. Liquidity and Going Concern - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern[204]. - The company received a cash receipt of $25,000 from CBG and CB Co-Investment to cover certain expenses in exchange for the issuance of founder shares[202].
Chain Bridge I(CBRG) - 2025 Q1 - Quarterly Report